Russia has warned that any attempts to destabilize the Middle East will lead to energy price hikes, the president has said.
Oil production dependent on the Strait of Hormuz could come to a complete halt within a month, Russian President Vladimir Putin has said. He warned about the serious risks that the US and Israel’s conflict with Iran could pose to the global energy market.
Last year, around a third of the global sea-borne oil exports went through the straight, Putin said at a government meeting on the global energy markets on Monday. “That is around 14 million barrel per day and 80% of that went to the Asian and Pacific nations,” he stated, adding that “now, this route is de-facto closed.”
Traffic through the straight has reportedly dropped by 80% over the past week after the US and Israel launched their bombing campaign against Iran, prompting retaliatory strikes from Tehran. Several tankers were hit in the exchanges. The developments pushed crude above $100 and prompted expectations of emergency energy measures from the EU and other major economies.
“Oil production dependent on the strait risks fully stopping in the coming month. It is already dropping,” the president said. Restoring production could take weeks or even months, he added.
The global oil prices are already rising, Putin stated, adding that the increase amounted to over 30% in the past week alone. Disruptions in energy supplies also boost inflation and lead to industrial output decline, according to the president.
The world is about to find itself in a “new… price reality,” Putin warned, calling it “inevitable.”
Russia remains a “reliable energy supplier,” the president said, adding that it will continue to provide oil and gas for the nations that it also considers reliable partners. According to Putin, the list includes Asian nations and EU members Slovakia and Hungary.
On Monday, Hungarian Prime Minister Viktor Orban and Foreign Minister Peter Szijjarto urged Brussels to lift its ban on Russian oil and gas amid the escalating conflict in the Middle East. Earlier, US Treasury Secretary Scott Bessent announced the easing of sanctions on some Russian oil to stabilize the markets.
Image credit: Christian Harb
Gold being sold on CME to absorb the oil price shock https://news-pravda.com/world/2026/03/09/2141104.html
The Strait of Hormuz is not as blocked as the media pretends it is https://news-pravda.com/world/2026/03/09/2141890.html
The only vessels that are crossing the Hormuz Strait are Chinese and Iranian tankers https://news-pravda.com/usa/2026/03/09/2141912.html
What’s the problem with buying oil from Russia?
Logistics for one thing……let alone the fact our government are craven Ukraine lap dogs….
Russia is a predominantly Christian nation, with leadership who have rejected mass migration, globalism and left wing socialism (because they spent most of the 20th century suffering through it all).
The bureaucrats in Washington, London and Brussels therefore HATE them and have been trying to spark another world war with them for decades now.
In principle there’s nothing wrong with buying their oil. Oil is oil. But the big global club our leaders all belong to would rather see us poorer and paying more at the pump than admit that Putin isn’t actually Satan incarnate.
@Unquaccinated
And especially there the rothchild bank does not get foot in Russia.
Don ‘ t forget that wars are banksters war especially jooish banksters
I think the problem is Russia is in no mood to sell its oil to US aligned countries, like puppet New Zealand, who sanctioned the hell out of Russia, banning trade and handing over millions of dollars to Ukraine in order to prolong the war.
Time for New Zealand to declare itself a neutral non-aligned country rather than sucking up to the US. That of course would require a fresh set of politicians to enter parliament who have not been indoctrinated by WEF globalist policy.
Regrettably President Putin you are talking to abject cretins, who think violence and barbarity solve all problems….
Always remember it was Labour who dismantled NZ only oil refinery.
It must be rebuilt.